Crude Oil Movement
Crude Oil prices declined 0.14% against the USD for the 24 hour period ending 23:00GMT, closing at 104.09, on profit-taking. However, escalating violence in Ukraine and lingering concerns on Libya’s supply outlook, kept the commodity’s losses in check. Reports from Ukraine showed that government forces killed more than 50 pro-Russian rebels on Tuesday while the leader of Islamist militant group, Ansar al-Sharia, issued a warning to the US against any interference in Libya’s matter.
In the Asian session, at GMT0300, Crude Oil is trading at 104.21, 0.12% higher from yesterday’s close.
Crude oil is expected to find support at 103.69, and a fall through could take it to the next support level of 103.16. Crude oil is expected to find its first resistance at 104.62, and a rise through could take it to the next resistance level of 105.02.
The American Petroleum Institute is expected to publish its weekly report on the US crude inventories later today while the Energy Information Administration would release its report on Thursday, a day later than usual because of the US Memorial Day holiday.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
